Peru State College
font size: - | +
print print
Graduate/Cohort - Applying for Aid
 

Eligibility:

 

Graduate students are not eligible for grants; however, they can apply for Stafford student loans. Stafford loans have a variable interest rate that is set on July 1st of each year. Repayment begins 6 months after the student exits school or drops below ½ time enrollment. Students must be enrolled for at least 6 credit hours per semester to apply for Stafford loans. The Fall Semester includes classes from August to December. The Spring Semester includes classes from January to May. The Summer term includes classes from May to August. We recommend that students pre-register for all Fall classes prior to the beginning of the Fall Semester and all Spring classes prior to the beginning of the Spring Semester to avoid processing delays.

 

Disbursement:

 

Student loan funds are disbursed in two payments. If your loan is for the academic year (Fall and Spring), you will receive one disbursement at the beginning of each semester. The disbursements are sent to the school to be applied to your student account. PSC will refund any excess funds to you in the form of a “refund check.”

 

Application Process:

  • To be eligible to receive financial aid, you must complete the admissions process and be fully admitted to the graduate program at Peru State College.

  • If you don’t already have a PIN (personal identification number) from the Department of Education, go to www.pin.ed.gov to apply for one. If you have a PIN but have forgotten it, you can request a duplicate PIN at www.pin.ed.gov. Once you have a PIN, you can use it to sign your federal aid application (FAFSA form).

  • Complete a “Free Application for Federal Student Aid” (FAFSA form). This form can be completed on-line at www.fafsa.ed.gov .

  • Complete the loan application process.

    1. Loan Entrance Counseling: Go here and click on Stafford Loan Entrance Counseling to begin.
    2. Master Promissory Note

Other Eligibility Requirements:

  • If you have previously attended Peru State College, you must be in compliance with the Satisfactory Academic Progress requirements to be eligible for financial aid (even if you did not receive aid during your prior period of attendance).

  • In some cases, the college is required to verify the information reported by the student on the FAFSA form. If your application is selected for verification, the Financial Aid Office will send you a notification requesting verification worksheets and copies of your income tax forms.

  • If you are in default on a prior student loan, you are not eligible for additional student loans.

  • If you have already borrowed the aggregate maximum ($138,500), you are not eligible for additional student loans.